How long after a sale of a home do you have to purchase your next home before you have to pay capital gains?

How long after a sale of a home do you have to purchase your next home before you have to pay capital gain taxes on those earnings from your home sale?
With in that same year? Or is it calender year, or longer?????

The rule about repurchasing a home (it was within a year, 18 months for new construction) has been gone now for quite a few years. Now, as long as you owned the home and lived in the home as your main home for two of the five years immediately prior to the sale, you don’t pay any tax on up to $250K of gain – $500K on a joint return. Unless your gain is over that, you don’t report it.

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Every home seller dreams of a quick and stress-free sale. However, much of the time this is not the case as the home market has grown ever more competitive in recent months. While we are still seeing some extremely quick sales, this is by no means the average sale anymore. Typical home sales are taking more time for a number of reasons. The national market has cooled off somewhat, sellers are still hoping that the market will revert back to it’s previous state and it is becoming more and more difficult to afford a home. As such, sellers need to prepare their homes properly for sale so as to attract the real qualified buyers at the start of the sale.

Preparing your home for sale has also come a long way in the past years. Years ago all that was really necessary was some paint and a good cleaning. While these principles still form the basis of a good home preparation process, sellers are finding it necessary to think outside the box a bit more. Many sellers think about adding on to the home to increase it’s value but this can be a dangerous exercise if not properly planned. Renovating for sale is all about cost-analysis and whether or not the new price of the home can be justified by the additions. Sellers hate to see their expensive renovations go unnoticed by buyers and they can get quite upset if offers come in that destroy their renovation profit margin.

As you prepare your home for the shows, try and think about what stuff you don’t need in the home. Homes that seem stuffy or cluttered hardly ever show as well as a home that is free of clutter and buyers can move about unencumbered by the sellers belongings. This is also a great opportunity to patch up those areas that could use a bit of TLC. Check all the home’s fixtures and make sure they are in good repair. If they are somewhat dated perhaps replace them with new more modern items. If you have ever walked through a show home try to shoot for that as your final goal. Homes like this have little evidence that someone lives there and this makes it easier for buyers to imagine themselves living there.

About the Author:

Lisa Gray is a representative of Vox Real Estate, your Austin, TX real estate experts. For access to the finest homes in Austin check out out our Austin MLS Search. Contact Lisa & the Vox team today or visit us online at www.voxrealestate.com

Article Source: ArticlesBase.com – Tips for a Quick Home Sale

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